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April 3, 2013Jefferson City, MO | By: AP
Missouri has used a state budget reserve fund to improve its cash flow.
The Office of Administration reported that $175 million was borrowed from the Budget Reserve Fund in March. The state now has used $375 million during the current year. All the money will be repaid by May 15. Budget Director Linda Luebbering said Tuesday the state regularly uses the reserve fund during March. She says those who receive tax refunds frequently file faster than those who owe additional taxes. Officials also reported Tuesday that state revenues through the first three-quarters of the fiscal year have increased 8.3 percent compared with last year. Individual tax collections are up about 5.3 percent and corporate income taxes are up 4.3 percent. Sales taxes are up less than 1 percent.